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The XYZ company is a producer of dishwashers. The company’s marketing department has estimated the following demand curve for the company’s best-selling model in one of its regions. Q = 2000-4P+6A+5l+5Pc – 4Ac Where Q = Number of dishwashers demanded P = $600; Price of dishwashers A = $150; Advertising expenditures (thousands) I = $50; GDP per capita (thousands) PC = $500; Competitor’s price AC = $200; Competitor’s advertising expenditures (thousands) a. Calculate the amount demanded for this product using the information given above. b. Plot the demand curve with P on the vertical axis and Q on the horizontal axis. c. Calculate the price to sell 3450 units. d. What would be the effect on the sales of dishwashers if the competitor reduces price by $50? What should be the change in P to offset the decrease in PC ? e. In response to competitor’s strategy of reducing PC , what else can the company do to keep sales at the same level if it does not want to change P ? (Base your answer on the information given above.) f. If the government increases the sales tax by 1 percent, what will be the sale price of dishwashers after the tax (assume that the elasticity of demand is equal to the elasticity of supply in absolute value).
who are well-known to be boring, stuffy types; what could be a better way to reinforce one's credentials as a radical, innovative thinker than to skewer their most beloved doctrine.
Suppose you have a sample of body weights from a population of males above 20 years of age. Your sample size is 121 men. Body weights are approximately normally distributed. Your sample mean is 190 pounds, and your estimated population standard devia..
A firm under monopolistic competition reaches equilibrium in the short run at a point where:
Draw an example of a monopoly with a linear demand curve and a constant marginal cost curve. Show the profit-maximizing price and output, p* and Q*, and identify the areas of consumer surplus, producer surplus, and deadweight loss. Also show the quan..
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
Biff owns and operates a golf driving range on land that he also owns. Last year his accountant calculated that his driving range makes $50,000 profits per year. Last year a property management company offered to lease Biff’s land from him for $80,00..
Give two examples of possible net surpluses that three voters get from two possible political alternatives A and B. Construct your first example so that the alternative that wins a majority vote generates the maximum total net surplus. Make your seco..
The 16 overhead doors on your loading dock must be replaced now . The deluxe model costs $2,200 for each door and will last for six years. The standard model costs $1,600 for each door and will last for four years. The deluxe model is aluminium so it..
How are prices determined under perfect competition? Think about a firm that you have done business with recently. What industry does this firm belong to? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your class..
During the last decade, outsourcing often translated in offshoring of product buys. One popular location to buy product offshore was China. Why was China such a popular spot to buy labor intensive products? Why are many people leaving China and bring..
q. a a country recently passed food stamp legislation. qualified households are given food stamps which can be used to
How do you use indifference curve analysis to explain the price ; income and substitution effects and to demonstrate the delegation of the demand curve for different types of goods
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